Correlation Between Xingguang Agricultural and Cinda Securities
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By analyzing existing cross correlation between Xingguang Agricultural Mach and Cinda Securities Co, you can compare the effects of market volatilities on Xingguang Agricultural and Cinda Securities and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Xingguang Agricultural with a short position of Cinda Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xingguang Agricultural and Cinda Securities.
Diversification Opportunities for Xingguang Agricultural and Cinda Securities
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xingguang and Cinda is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Xingguang Agricultural Mach and Cinda Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cinda Securities and Xingguang Agricultural is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Xingguang Agricultural Mach are associated (or correlated) with Cinda Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cinda Securities has no effect on the direction of Xingguang Agricultural i.e., Xingguang Agricultural and Cinda Securities go up and down completely randomly.
Pair Corralation between Xingguang Agricultural and Cinda Securities
Assuming the 90 days trading horizon Xingguang Agricultural is expected to generate 3.31 times less return on investment than Cinda Securities. In addition to that, Xingguang Agricultural is 1.07 times more volatile than Cinda Securities Co. It trades about 0.01 of its total potential returns per unit of risk. Cinda Securities Co is currently generating about 0.03 per unit of volatility. If you would invest 1,179 in Cinda Securities Co on October 11, 2024 and sell it today you would earn a total of 212.00 from holding Cinda Securities Co or generate 17.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.37% |
| Values | Daily Returns |
Xingguang Agricultural Mach vs. Cinda Securities Co
Performance |
| Timeline |
| Xingguang Agricultural |
| Cinda Securities |
Xingguang Agricultural and Cinda Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xingguang Agricultural and Cinda Securities
The main advantage of trading using opposite Xingguang Agricultural and Cinda Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xingguang Agricultural position performs unexpectedly, Cinda Securities can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cinda Securities will offset losses from the drop in Cinda Securities' long position.| Xingguang Agricultural vs. Anhui Jinhe Industrial | Xingguang Agricultural vs. China Minmetals Rare | Xingguang Agricultural vs. Bosera CMSK Industrial | Xingguang Agricultural vs. Rising Nonferrous Metals |
| Cinda Securities vs. Xingguang Agricultural Mach | Cinda Securities vs. Hongrun Construction Group | Cinda Securities vs. Qijing Machinery | Cinda Securities vs. Lutian Machinery Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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